00:02Feeling the cost of the latest rate rise and worried about more to come.
00:07It definitely makes us think about maybe selling in the future
00:10and not staying in the home that we're in
00:12because things are really getting up there.
00:15Tasmanian families are weighing up how they'll manage.
00:18I did have a bit of a pause of maybe feeling a bit worried about that
00:24but I think in the scheme of things we are in a position
00:28that we'll be able to kind of absorb it.
00:30Based on an average new loan size for Tasmania of just over half a million dollars,
00:36consumer research company CanStar found the new rate hike
00:40will add $81 to minimum monthly repayments.
00:44With previous rate hikes this year,
00:46those borrowers are now paying an extra $322 a month.
00:52These are post-tax dollars that households have to find,
00:55not as a one-off expense. It's not like a bad trip to the dentist.
00:59This is month after month after month.
01:01Businesses are bracing for households to cut back spending.
01:05There's got to be a point where it's going to bite harder than ever
01:09and I think maybe we're there now.
01:11Average weekly earnings in Tasmania are the lowest in the country
01:15and while house prices here may not be as high as some Australian states,
01:20they've been on the rise since the pandemic,
01:23with the median dwelling value for Hobart now above $750,000.
01:29And with wages growth slow,
01:31mortgage holders are being advised to shop around.
01:35We've seen a large number of lenders actually cut variable rates.
01:40Yes, cut.
01:41In a sea of hikes we're seeing them cut them,
01:43but only for new customers.
01:51We're making sure that some large numbers are at least
01:51You can buy it.
